13F-HR 1 osterweis2q2011.txt OSTERWEIS CAPITAL MANAGEMENT INC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: June 30, 2011 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Osterweis Capital Management, Inc. Address: One Maritime Plaza, Suite 800 San Francisco, CA 94111 13F File Number: 028-04483 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: John Tavernetti Title: Chief Compliance Officer Phone: 415-434-4441 Signature, Place, and Date of Signing: /s/ John Tavernetti San Francisco, CA August 11, 2011 Report Type (Check only one.): [ X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 Form 13F Information Table Entry Total: 135 Form 13F Information Table Value Total: $3,250,472 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional managers with respect to which this report is filed, other than the manager filing this report. No. 13F File Number Name 01 028-06550 Osterweis Capital Management, LLC. FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- ABBOTT LABS COM 002824100 289 5500 SH OTHER 01 5500 0 0 ABBOTT LABS COM 002824100 71 1355 SH OTHER 1355 0 0 ACELRX PHARMACEUTICALS INC COM 00444T100 233 50709 SH SOLE 50709 0 0 AGILENT TECHNOLOGIES INC COM 00846U101 38955 762180 SH OTHER 760145 0 2035 AGILENT TECHNOLOGIES INC COM 00846U101 33461 654676 SH OTHER 01 653276 0 1400 AIR LEASE CORP CL A 00912X302 35706 1469980 SH OTHER 1466230 0 3750 AIR LEASE CORP CL A 00912X302 30920 1272945 SH OTHER 01 1267985 0 3810 ALERE INC NOTE 3.000% 5/1 01449JAA3 4888 4490000 PRN OTHER 01 4490000 0 0 AMERICAN EXPRESS CO COM 025816109 301 5825 SH SOLE 5825 0 0 AMERICAN WTR WKS CO INC NEW COM 030420103 45829 1556150 SH OTHER 01 1548220 0 7930 AMERICAN WTR WKS CO INC NEW COM 030420103 48858 1659010 SH OTHER 1654025 0 4985 APACHE CORP COM 037411105 54235 439545 SH OTHER 438375 0 1170 APACHE CORP COM 037411105 45229 366556 SH OTHER 01 365576 0 980 APACHE CORP PFD CONV SER D 037411808 5933 90000 PRN OTHER 01 90000 0 0 APPLE INC COM 037833100 463 1379 SH OTHER 01 1379 0 0 AVERY DENNISON CORP COM 053611109 42844 1109089 SH OTHER 1106159 0 2930 AVERY DENNISON CORP COM 053611109 33676 871745 SH OTHER 01 871285 0 460 AVNET INC COM 053807103 38484 1207148 SH OTHER 1203833 0 3315 AVNET INC COM 053807103 34451 1080635 SH OTHER 01 1080635 0 0 BARRETT BILL CORP NOTE 5.000% 3/1 06846NAA2 2006 1950000 PRN OTHER 01 1950000 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 464 4 SH OTHER 4 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 116 1 SH OTHER 01 0 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 230 7949 SH OTHER 01 7949 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 307 10617 SH OTHER 10617 0 0 CENTRAL EUROPEAN DIST CORP NOTE 3.000% 3/1 153435AA0 27675 33750000 PRN OTHER 01 33750000 0 0 CHARMING SHOPPES INC NOTE 1.125% 5/0 161133AE3 11615 12941000 PRN OTHER 01 12941000 0 0 CHEVRON CORP NEW COM 166764100 50 490 SH OTHER 490 0 0 CHEVRON CORP NEW COM 166764100 208 2025 SH OTHER 01 2025 0 0 CITIGROUP INC COM NEW 172967424 45593 1094930 SH OTHER 1091878 0 3052 CITIGROUP INC COM NEW 172967424 40947 983362 SH OTHER 01 981912 0 1450 COCA COLA CO COM 191216100 27 405 SH OTHER 405 0 0 COCA COLA CO COM 191216100 203 3010 SH OTHER 01 3010 0 0 COGENT COMM GROUP INC COM NEW 19239V302 60 3500 SH OTHER 01 0 0 0 COMPUTER SCIENCES CORP COM 205363104 35496 935090 SH OTHER 01 932050 0 1300 COMPUTER SCIENCES CORP COM 205363104 42291 1114085 SH OTHER 1111145 0 2940 COMPUWARE CORP COM 205638109 46429 4757042 SH OTHER 4743862 0 13180 COMPUWARE CORP COM 205638109 41759 4278585 SH OTHER 01 4256325 0 14260 COMTECH TELECOMMUNICATIONS C NOTE 3.000% 5/0 205826AF7 4200 4000000 PRN OTHER 01 4000000 0 0 CROWN HOLDINGS INC COM 228368106 67575 1740736 SH OTHER 1735386 0 5350 CROWN HOLDINGS INC COM 228368106 60206 1550897 SH OTHER 01 1550237 0 660 DEVON ENERGY CORP NEW COM 25179M103 279 3534 SH OTHER 01 3534 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 37507 458130 SH OTHER 456530 0 1600 DIAGEO P L C SPON ADR NEW 25243Q205 40830 498715 SH OTHER 01 498715 0 0 DIGITALGLOBE INC COM NEW 25389M877 38144 1501125 SH OTHER 1497005 0 4120 DIGITALGLOBE INC COM NEW 25389M877 33528 1319481 SH OTHER 01 1314541 0 4940 DRYSHIPS INC. NOTE 5.000%12/0 262498AB4 2250 2500000 PRN OTHER 01 2500000 0 0 DURECT CORP COM 266605104 201 99256 SH OTHER 99256 0 0 DURECT CORP COM 266605104 544 268000 SH OTHER 01 0 0 268000 ENTERPRISE PRODS PARTNERS L COM 293792107 19371 448298 SH OTHER 01 434168 0 14130 ENTERPRISE PRODS PARTNERS L COM 293792107 49994 1156995 SH OTHER 1154595 0 2400 EURONET WORLDWIDE INC NOTE 3.500%10/1 298736AF6 8933 8900000 PRN OTHER 01 8900000 0 0 EXXON MOBIL CORP COM 30231G102 905 11116 SH OTHER 11116 0 0 EXXON MOBIL CORP COM 30231G102 1134 13931 SH OTHER 01 13931 0 0 FIRST REP BK SAN FRAN CALI N COM 33616C100 25023 775200 SH OTHER 772875 0 2325 FIRST REP BK SAN FRAN CALI N COM 33616C100 27214 843065 SH OTHER 01 843065 0 0 GENCORP INC SDCV 4.062%12/3 368682AN0 2401 2360000 PRN OTHER 01 2360000 0 0 GENERAL ELECTRIC CO COM 369604103 243 12862 SH OTHER 01 6307 0 6555 GENERAL ELECTRIC CO COM 369604103 135 7155 SH OTHER 7155 0 0 GEN-PROBE INC NEW COM 36866T103 42052 608129 SH OTHER 605984 0 2145 GEN-PROBE INC NEW COM 36866T103 47903 692745 SH OTHER 01 688785 0 3960 HEALTHSOUTH CORP COM NEW 421924309 43117 1642537 SH OTHER 1640312 0 2225 HEALTHSOUTH CORP COM NEW 421924309 37360 1423229 SH OTHER 01 1423229 0 0 HEWLETT PACKARD CO COM 428236103 37811 1038755 SH OTHER 1035970 0 2785 HEWLETT PACKARD CO COM 428236103 31535 866354 SH OTHER 01 864474 0 1880 HOLOGIC INC FRNT 2.000%12/1 436440AA9 68 70000 PRN OTHER 70000 0 0 HOLOGIC INC FRNT 2.000%12/1 436440AA9 3909 4030000 PRN OTHER 01 4030000 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 693 4040 SH OTHER 01 4040 0 0 JOHNSON & JOHNSON COM 478160104 47952 720873 SH OTHER 718738 0 2135 JOHNSON & JOHNSON COM 478160104 48954 735937 SH OTHER 01 734607 0 1330 JPMORGAN CHASE & CO COM 46625H100 423 10335 SH OTHER 01 10335 0 0 KINDER MORGAN INC DEL COM 49456B101 49970 1739300 SH OTHER 1734535 0 4765 KINDER MORGAN INC DEL COM 49456B101 44887 1562364 SH OTHER 01 1550509 0 11855 KRAFT FOODS INC CL A 50075N104 41203 1169555 SH OTHER 1166335 0 3220 KRAFT FOODS INC CL A 50075N104 32828 931815 SH OTHER 01 928365 0 3450 L-1 IDENTITY SOLUTIONS INC NOTE 3.750% 5/1 50212AAB2 1401 1405000 PRN OTHER 1405000 0 0 L-1 IDENTITY SOLUTIONS INC NOTE 3.750% 5/1 50212AAB2 15158 15196000 PRN OTHER 01 15196000 0 0 LILLY ELI & CO COM 532457108 970 25848 SH SOLE 25848 0 0 LIONS GATE ENTMNT CORP NOTE 2.938%10/1 535919AF1 5726 5755000 PRN OTHER 01 5755000 0 0 MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 37360 625481 SH OTHER 622706 0 2775 MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 27094 453605 SH OTHER 01 447310 0 6295 MEDTRONIC INC COM 585055106 43440 1127445 SH OTHER 1125430 0 2015 MEDTRONIC INC COM 585055106 27221 706485 SH OTHER 01 704280 0 2205 MERCK & CO INC NEW COM 58933Y105 640 18129 SH OTHER 01 18129 0 0 MERCK & CO INC NEW COM 58933Y105 40 1143 SH OTHER 1143 0 0 MICROSOFT CORP COM 594918104 50740 1951537 SH OTHER 01 1950622 0 915 MICROSOFT CORP COM 594918104 47083 1810881 SH OTHER 1804651 0 6230 NII HLDGS INC NOTE 3.125% 6/1 62913FAJ1 23169 23140000 PRN OTHER 01 23140000 0 0 NOVARTIS A G SPONSORED ADR 66987V109 18444 301810 SH OTHER 300985 0 825 NOVARTIS A G SPONSORED ADR 66987V109 17390 284565 SH OTHER 01 284565 0 0 OCCIDENTAL PETE CORP DEL COM 674599105 38595 370967 SH OTHER 369802 0 1165 OCCIDENTAL PETE CORP DEL COM 674599105 44326 426051 SH OTHER 01 426051 0 0 PEPSICO INC COM 713448108 323 4590 SH OTHER 01 4590 0 0 PPL CORP UNIT 99/99/9999S 69351T114 2743 50000 PRN OTHER 01 50000 0 0 PROCTER & GAMBLE CO COM 742718109 2300 36179 SH OTHER 01 36179 0 0 PROCTER & GAMBLE CO COM 742718109 1852 29139 SH OTHER 28719 0 420 QUESTAR CORP COM 748356102 44826 2531140 SH OTHER 2524965 0 6175 QUESTAR CORP COM 748356102 39464 2228297 SH OTHER 01 2227817 0 480 REGAL ENTMT GROUP CL A 758766109 36213 2932240 SH OTHER 2924955 0 7285 REGAL ENTMT GROUP CL A 758766109 29423 2382400 SH OTHER 01 2374480 0 7920 REPUBLIC SVCS INC COM 760759100 45084 1461380 SH OTHER 01 1461380 0 0 REPUBLIC SVCS INC COM 760759100 50344 1631908 SH OTHER 1627091 0 4817 SAFEWAY INC COM NEW 786514208 34635 1482024 SH OTHER 01 1474894 0 7130 SAFEWAY INC COM NEW 786514208 38793 1659945 SH OTHER 1655385 0 4560 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 419 17400 SH OTHER 17400 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 101 4195 SH OTHER 01 4195 0 0 SANDISK CORP NOTE 1.000% 5/1 80004CAC5 17876 18500000 PRN OTHER 01 18500000 0 0 SCHOOL SPECIALTY INC SDCV 3.750%11/3 807863AL9 6200 6185000 PRN OTHER 01 6185000 0 0 SMITH & WESSON HLDG CORP NOTE 4.000%12/1 831756AB7 2065 2055000 PRN OTHER 01 2055000 0 0 SMITH & WESSON HLDG CORP NOTE 4.000%12/1 831756AB7 75 75000 PRN OTHER 75000 0 0 SPARTAN STORES INC NOTE 3.375% 5/1 846822AE4 36395 36763000 PRN OTHER 01 36763000 0 0 SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 37655 1711615 SH OTHER 01 1705095 0 6520 SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 42341 1924600 SH OTHER 1919345 0 5255 STEWART ENTERPRISES INC NOTE 3.125% 7/1 860370AH8 356 350000 PRN OTHER 01 350000 0 0 SUPERVALU INC NOTE 11/0 868536AP8 7180 18236000 PRN OTHER 01 18236000 0 0 SYMETRA FINL CORP COM 87151Q106 21323 1587695 SH OTHER 1582435 0 5260 SYMETRA FINL CORP COM 87151Q106 24650 1835440 SH OTHER 01 1833580 0 0 TELEFLEX INC COM 879369106 32853 538042 SH OTHER 01 538042 0 0 TELEFLEX INC COM 879369106 35653 583900 SH OTHER 582050 0 1850 TELEFLEX INC NOTE 3.875% 8/0 879369AA4 21494 18650000 PRN OTHER 01 18650000 0 0 THOMPSON CREEK METALS CO INC COM 884768102 150 15000 SH OTHER 01 0 0 15000 TRANSATLANTIC HLDGS INC COM 893521104 54610 1114272 SH OTHER 1111627 0 2645 TRANSATLANTIC HLDGS INC COM 893521104 43300 883482 SH OTHER 01 878315 0 4685 TRANSOCEAN INC NOTE 1.500%12/1 893830AW9 490 500000 PRN SOLE 500000 0 0 UNILEVER N V N Y SHS NEW 904784709 44600 1357690 SH OTHER 1353055 0 4635 UNILEVER N V N Y SHS NEW 904784709 47909 1458406 SH OTHER 01 1458406 0 0 UNION PAC CORP COM 907818108 313 3000 SH SOLE 3000 0 0 UNITED TECHNOLOGIES CORP COM 913017109 301 3400 SH OTHER 01 3400 0 0 VALEANT PHARMACEUTICALS INTL COM 91911K102 65386 1258394 SH OTHER 01 1255583 0 2811 VALEANT PHARMACEUTICALS INTL COM 91911K102 77400 1489599 SH OTHER 1485685 0 3914 WEBSENSE INC COM 947684106 34808 1340323 SH OTHER 1335608 0 4715 WEBSENSE INC COM 947684106 44356 1707966 SH OTHER 01 1705966 0 2000 WELLS FARGO & CO NEW COM 949746101 80 2848 SH OTHER 2848 0 0 WELLS FARGO & CO NEW COM 949746101 274 9755 SH OTHER 01 9755 0 0 WILLIAMS COS INC DEL COM 969457100 48743 1611325 SH OTHER 01 1606540 0 4785 WILLIAMS COS INC DEL COM 969457100 54735 1809420 SH OTHER 1804400 0 5020